US EditionChina Vows to Regulate 'Irrational' Competition in EV Industry
CHINA, JUL 16 – China's cabinet aims to halt a two-year EV price war that cut industrial profits by 9.1% in May and threatens supply chains, enforcing cost monitoring and supplier payment rules.
- On July 16, China's cabinet, led by Premier Li Qiang, vowed to regulate 'irrational' competition in the electric vehicle industry through price and cost monitoring.
- The pledge responds to a two-year fierce price war that has pushed many automakers to sell products at a loss and hurt their profits despite rising EV sales.
- Authorities emphasized the need to bring greater regulation to the market, urging automakers to honor their supplier payment agreements and to enhance their competitiveness by prioritizing innovation instead of engaging in price wars.
- BYD launched a longer-range Seagull EV priced at $11,000 with a claimed 252-mile range as firms flood the market with low-cost vehicles amid the price war.
- The cabinet's measures to curb the EV price war aim to promote high-quality industry development while balancing growth and jobs amid industry and economic pressures.
68 Articles
68 Articles
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